Nature Group losses widen in full-year results

The AIM-traded company said underlying EBITDA excluding non-trading incidentals widened to a £0.48m loss, from a £0.33m loss in 2015.

Its underlying operating loss widened to £1.62m from £1.13m, and its underlying loss before tax widened to £1.66m from £1.21m.

Underlying losses per share were 2.38p, narrowing from 3.17p year-on-year, while year-end cash balances increased to £0.38m from £0.28m.

“2016 was a year full of restructuring activities for Nature Group,” said chairman Berend van Straten.

“We have worked hard to get the restructuring work completed and managed to do so finally in the first months of 2017 through the completion of the sale of our Gibraltar entity and the decision to exit the joint venture in Portugal in the first half of this year.”

Van Straten said the focus going forward was on making sure the existing maritime operations in Rotterdam and Texas and its oil and gas division improved their performances by increasing margins and market share and widening product offerings.

“The overall process of restructuring has been more demanding than anticipated and has cost the company time and money.”